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Securities Available For Sale | 3 Months Ended
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Mar. 31, 2012
Securities Available For Sale [Abstract] |
Securities Available For Sale |
6. |  | Securities Available for Sale
The following is a summary of securities available for sale as of the dates indicated:
|  | At March 31, 2012 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
|  | (In thousands) |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury |  | $ | 300 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 300 |
GSE collateralized mortgage obligations* |  |  | 206,679 |  |  |  | 4,717 |  |  |  | 0 |  |  |  | 211,396 |
GSE mortgage-backed securities* |  |  | 453,091 |  |  |  | 9,537 |  |  |  | (130 | ) |  |  | 462,498 |
Trust preferred security |  |  | 4,491 |  |  |  | 0 |  |  |  | (793 | ) |  |  | 3,698 |
Municipal bonds |  |  | 4,507 |  |  |  | 511 |  |  |  | 0 |  |  |  | 5,018 |
Total debt securities |  |  | 669,068 |  |  |  | 14,765 |  |  |  | (923 | ) |  |  | 682,910 |
Mutual funds - GSE mortgage related securities |  |  | 14,709 |  |  |  | 217 |  |  |  | (28 | ) |  |  | 14,898 |
|  | $ | 683,777 |  |  | $ | 14,982 |  |  | $ | (951 | ) |  | $ | 697,808 |
|  | At December 31, 2011 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
|  | (In thousands) |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury |  | $ | 300 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 300 |
GSE collateralized mortgage obligations* |  |  | 222,400 |  |  |  | 5,480 |  |  |  | (44 | ) |  |  | 227,836 |
GSE mortgage-backed securities* |  |  | 477,555 |  |  |  | 10,322 |  |  |  | (123 | ) |  |  | 487,754 |
Trust preferred securities |  |  | 5,532 |  |  |  | 0 |  |  |  | (1,184 | ) |  |  | 4,348 |
Municipal bonds |  |  | 5,257 |  |  |  | 507 |  |  |  | 0 |  |  |  | 5,764 |
Total debt securities |  |  | 711,044 |  |  |  | 16,309 |  |  |  | (1,351 | ) |  |  | 726,002 |
Mutual funds - GSE mortgage related securities |  |  | 14,710 |  |  |  | 227 |  |  |  | (19 | ) |  |  | 14,918 |
|  | $ | 725,754 |  |  | $ | 16,536 |  |  | $ | (1,370 | ) |  | $ | 740,920 |
* | As of March 31, 2012 and December 31, 2011, Government Sponsored Enterprises (GSE) included GNMA, FHLB, FNMA, FHLMC, and FFCB, and are all residential based investments.
As of March 31, 2012 and December 31, 2011, there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of stockholders' equity. The proceeds from sales of securities and the associated gains are listed below:
|  | For the three months ended March 31, |
|  | 2012 |  |  | 2011 |
|  | (In thousands) |
Proceeds |  | $ | 1,883 |  |  | $ | 0 |
Gross gains |  |  | 816 |  |  |  | 0 |
Gross losses |  |  | 0 |  |  |  | 0 |
The amortized cost and estimated fair value of debt securities at March 31, 2012, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.
|  | Amortized Cost |  |  | Estimated Fair Value |
|  | (In thousands) |
Available for sale: |  |  |  |  |  |  |  |
Due within one year |  | $ | 300 |  |  | $ | 300 |
Due after one year through five years |  |  | 340 |  |  |  | 359 |
Due after five years through ten years |  |  | 2,480 |  |  |  | 2,770 |
Due after ten years |  |  | 6,178 |  |  |  | 5,587 |
GSE collaterized mortgage obligations |  |  | 206,679 |  |  |  | 211,396 |
GSE mortgage-backed securities |  |  | 453,091 |  |  |  | 462,498 |
Mutual funds - GSE mortgage related securities |  |  | 14,709 |  |  |  | 14,898 |
|  | $ | 683,777 |  |  | $ | 697,808 |
Securities with carrying values of approximately $398.1 million and $425.5 million at March 31, 2012 and December 31, 2011, respectively, were pledged to secure public deposits, various borrowings and for other purposes as required or permitted by law. The following table shows our investments' gross unrealized losses and estimated fair value, aggregated by investment category and the length of time that the individual securities have been in a continuous unrealized loss position as of the dates indicated.
At March 31, 2012 |  | Less than 12 months |  |  | 12 months or longer |  |  | Total |
Description of Securities |  | Number of Securities |  |  | Fair Value |  |  | Gross Unrealized Losses |  |  | Number of Securities |  |  | Fair Value |  |  | Gross Unrealized Losses |  |  | Number of Securities |  |  | Fair Value |  |  | Gross Unrealized Losses |
|  | (In thousands) |
GSE collaterized mortgage obligations |  |  | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  |  | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  |  | 0 |  |  | $ | 0 |  |  | $ | 0 |
GSE mortgage-backed securities |  |  | 6 |  |  |  | 28,148 |  |  |  | (129 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 6 |  |  |  | 28,148 |  |  |  | (129 | )
Trust preferred security |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 1 |  |  |  | 3,698 |  |  |  | (793 | ) |  |  | 1 |  |  |  | 3,698 |  |  |  | (793 | )
Mutual funds - GSE mortgage related securities |  |  | 1 |  |  |  | 5,219 |  |  |  | (28 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 1 |  |  |  | 5,219 |  |  |  | (28 | )
|  |  | 7 |  |  | $ | 33,367 |  |  | $ | (157 | ) |  |  | 1 |  |  | $ | 3,698 |  |  | $ | (793 | ) |  |  | 8 |  |  | $ | 37,065 |  |  | $ | (950 | )
At December 31, 2011 |  | Less than 12 months |  |  | 12 months or longer |  |  | Total |
Description of Securities |  | Number of Securities |  |  | Fair Value |  |  | Gross Unrealized Losses |  |  | Number of Securities |  |  | Fair Value |  |  | Gross Unrealized Losses |  |  | Number of Securities |  |  | Fair Value |  |  | Gross Unrealized Losses |
|  | (In thousands) |
GSE collaterized mortgage obligations |  |  | 2 |  |  | $ | 3,305 |  |  | $ | (28 | ) |  |  | 1 |  |  | $ | 14,007 |  |  | $ | (16 | ) |  |  | 3 |  |  | $ | 17,312 |  |  | $ | (44 | )
GSE mortgage-backed securities |  |  | 5 |  |  |  | 38,082 |  |  |  | (123 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 5 |  |  |  | 38,082 |  |  |  | (123 | )
Trust preferred securities |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 1 |  |  |  | 3,303 |  |  |  | (1,184 | ) |  |  | 1 |  |  |  | 3,303 |  |  |  | (1,184 | )
Mutual funds - GSE mortgage related securities |  |  | 1 |  |  |  | 5,229 |  |  |  | (19 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 1 |  |  |  | 5,229 |  |  |  | (19 | )
|  |  | 8 |  |  | $ | 46,616 |  |  | $ | (170 | ) |  |  | 2 |  |  | $ | 17,310 |  |  | $ | (1,200 | ) |  |  | 10 |  |  | $ | 63,926 |  |  | $ | (1,370 | )
We evaluate securities for other-than-temporary-impairment, ("OTTI") on at least a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Consideration is given to the financial condition and near-term prospects of the issuer, the length of time and the extent to which the fair value of the securities has been less than our cost for the securities, and our intention to sell, or whether it is more likely than not that we will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. In analyzing an issuer's financial condition, we consider whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies have occurred, and the results of reviews of the issuer's financial condition. The trust preferred security at March 31, 2012 has an amortized cost of $4.5 million and an unrealized loss of $793 thousand. The trust preferred security is scheduled to mature in May 2047, with a first call date option in May 2012. Management determined this unrealized loss did not represent OTTI at March 31, 2012 as the investment is rated investment grade and there are no credit quality concerns with the obligor. The market value decline is deemed to be due to the current market volatility and is not reflective of management's expectations of our ability to fully recover this investment, which may be at maturity. Interest on the trust preferred security has been paid as agreed and management believes this will continue in the future and the trust preferred security will be repaid in full as scheduled. For these reasons, no OTTI was recognized on the trust preferred security at March 31, 2012. We consider the losses on our investments in an unrealized loss position at March 31, 2012 to be temporary based on: 1) the likelihood of recovery; 2) the information relative to the extent and duration of the decline in market value; and 3) the Company's intention not to sell, and our determination that it is more likely than not that we will not be required to sell a security in an unrealized loss position before recovery of its amortized cost basis.

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- Definition This item represents the entire disclosure related to Available-for-sale Securities which consist of all investments in certain debt and equity securities neither classified as trading or held-to-maturity securities. A debt security represents a creditor relationship with an enterprise. Debt securities include, among other items, US Treasury securities, US government securities, municipal securities, corporate bonds, convertible debt, commercial paper, and all securitized debt instruments. An equity security represents an ownership interest in an enterprise or the right to acquire or dispose of an ownership interest in an enterprise at fixed or determinable prices. Equity securities include, among other things, common stock, certain preferred stock, warrant rights, call options, and put options, but do not include convertible debt. An entity may opt to provide the reader with additional narrative text to better understand the nature of investments in debt and equity securities which are categorized as Available-for-sale. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Emerging Issues Task Force (EITF) -Number 03-1 -Paragraph 21 -Subparagraph a, b Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Staff Position (FSP) -Number FAS115-1/124-1 -Paragraph 17 -Subparagraph a, b Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 115 -Paragraph 19, 20, 21 + Details
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